New York cocoa could test resistance at $2,875

• The resistance is identified as the 138.2pc projection level of an upward wave C from $2,188.
• Support is at $2,802, a break below which could prompt a fall into a range of $2,685-$2,758.

SINGAPORE: New York March cocoa could test resistance at $2,875 a tonne, a break above which could lead to a gain to $2,934.

The resistance is identified as the 138.2pc projection level of an upward wave C from $2,188.

This wave resumed after consolidation over the past few weeks. Eventually it could travel to $2,992.

Support is at $2,802, a break below which could prompt a fall into a range of $2,685-$2,758.